FCNCA — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($1976.82)
DCF	$-1491.92	-175.5%
Graham Number	$2527.27	+27.8%
Reverse DCF	—	—
DDM	$173.04	-91.2%
EV/EBITDA	—	—

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 6.2% / EPS: -6.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.08%

Computed WACC: 3.08%

Cost of equity (Re)7.90%(Rf 4.30% + β 0.66 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)38.94%

Debt weight (D/V)61.06%

Results

Intrinsic Value / share$-1491.92

Current Price$1976.82

Upside / Downside-175.5%

Net Debt (used)$16.61B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-1.8%	2.2%	6.2%	10.2%	14.2%
7.0%	$-1491.92	$-1491.92	$-1491.92	$-1491.92	$-1491.92
8.0%	$-1491.92	$-1491.92	$-1491.92	$-1491.92	$-1491.92
9.0%	$-1491.92	$-1491.92	$-1491.92	$-1491.92	$-1491.92
10.0%	$-1491.92	$-1491.92	$-1491.92	$-1491.92	$-1491.92
11.0%	$-1491.92	$-1491.92	$-1491.92	$-1491.92	$-1491.92

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $165.17

Book Value / share($)Yahoo: $1718.65

Results

Graham Number$2527.27

Current Price$1976.82

Margin of Safety+27.8%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.08%

Terminal growth rate(%)

Computed WACC: 3.08%

Cost of equity (Re)7.90%(Rf 4.30% + β 0.66 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)38.94%

Debt weight (D/V)61.06%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$1976.82

Implied Near-term FCF Growth—

Historical Revenue Growth6.2%

Historical Earnings Growth-6.9%

Base FCF (TTM)—

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $8.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$173.04

Current Price$1976.82

Upside / Downside-91.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $16.61B

Results

Implied Equity Value / share$-1491.92

Current Price$1976.82

Upside / Downside-175.5%

Implied EV$0

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